BELMONT/MONTORO SIGN AMENDED PROPERTY ACQUISITIONS AGREEMENT – RED LAKE PROPERTIES

In April and October 2003, both Belmont Resources Inc. (“BEO”) and Montoro Resources Inc. (“MNQ”) signed option agreements to acquire 100% interest in four claim blocks (46 units, approx. 736 hectares) in the Bateman and Shaver Townships, Red Lake Mining Division.

In late 2003 and 2004 the Companies completed ground geophysics (Mag & VLF surveying) on the claim blocks, followed by a small three hole drill program on the Walsh Lake/Bateman Twp. Property (see May 6 & May 31, 2004 news releases). The Shaver Twp. Property has targeted five drill sites in the south central portion of the claim block and the Companies are continuing its search for a joint venture partner to drill these targets.

The Companies have agreed, subject to regulatory approval to exercise their right to acquire the 100% interests (50% each to BEO and MNQ) by each Company paying the vendor $4,500 cash and issuing 140,000 common treasury shares each at a deemed price of $0.05 per share, subject to a minimum four month hold period.